Lockheed Buys So. Cal. Firm
Lockheed Martin Corp. said it has agreed to purchase Los Angeles-based outsourced support services firm Pacific Architects and Engineers. Terms of the deal were not disclosed except that it will be in cash. Pacific Architects was founded in 1955 and is privately held with more than 6,000 employees, most of whom support customer operations in more than 30 countries worldwide. Among its clients are the U.S. Department of State, the U.S. Armed Services, Canada’s Department of National Defense and New Zealand’s Ministry of Defense.
Younan Buys 2nd Dallas Property
Younan Properties Inc. said it has purchased a 190,000-square-foot office tower in North Dallas, Texas. The amount of the transaction was not disclosed. The office building, just off Interstate 635, houses information technology staffing firm Matrix Resources, employee benefit agency BenefitMall and the Dallas office of The Associated Press. The building was previously owned by Dallas-based developer Terrabrook. The property is currently 74-percent leased and marks the second Dallas investment by Los Angeles-based Younan in the past month. The real estate investment group bought KPMG Centre in downtown Dallas in early July.
New Image Deal to Pay Off Big
Image Entertainment Inc. said its contract to distribute films by Relativity Media LLC could generate between $60 million and $90 million in 2007. Image announced early last week that it had struck a 10-year deal with Relativity to distribute that company’s movies. As part of the deal, Image granted Relativity 3.4 million common shares, making it one of Image’s largest shareholders. Additional financial terms were not disclosed. Image shares rose 1 percent to $3.85 in Thursday trading on the Nasdaq.
Crofton Appointed as Presidentof Disney World
Walt Disney Co. said it has appointed Meg Crofton president of Walt Disney World, a position previously held by Al Weiss, who also was president of worldwide operations for Walt Disney Parks and Resorts. Crofton, 52, has held executive positions in Disney’s human resources, operations and sales divisions. In addition, Jim Lewis was named president of The Disney Vacation Club. Walt Disney Parks and Resorts encompasses 11 theme parks at five locations and also includes the Disney Cruise Line, the World of Disney stores in New York, Orlando and Anaheim, and Walt Disney Imagineering, which creates and designs Disney parks, resorts and attractions. The entire division was responsible for more than $9 billion in revenue in fiscal 2005.
